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WARNING to NY Lottery players

Topic closed. 29 replies. Last post 12 years ago by Justin.

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Posted: February 17, 2005, 4:29 pm - IP Logged

You have to pay taxes on annuity winnings too.

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    Houston, TX
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    Posted: February 17, 2005, 4:33 pm - IP Logged

    Yeah but it's 50m minus taxes...versus $27m minus taxes. 


      United States
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      Posted: February 17, 2005, 4:39 pm - IP Logged

      What about inflation?

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        Houston, TX
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        Posted: February 17, 2005, 4:44 pm - IP Logged

        Even with inflation I'm sure we could always live very comfortably on $850,000 a year.  To add to that, most of us aren't gonna spend nearly that much on yearly expenses.  So all that extra money could be invested. 


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          Posted: February 17, 2005, 4:54 pm - IP Logged

          Take the lump sum, and THEN invest your winnings.

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            Posted: February 17, 2005, 6:42 pm - IP Logged
            Quote: Originally posted by CASH Only on February 17, 2005

            Take the lump sum, and THEN invest your winnings.






            That's exactly what I'd do. If you can find a high-yield savings account or CD, you'll get more money over the same length of time as you would with an annuity. Not a whole lot more, but still more.

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              Greenwich, CT
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              Posted: February 17, 2005, 9:41 pm - IP Logged

              There are plenty of investment vehicles available to the super-wealthy, where you can earn a phenomenal return (10-15%).  Taking the cash is the better option, but who's counting?

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                Posted: February 17, 2005, 10:42 pm - IP Logged
                Quote: Originally posted by JAG331 on February 17, 2005

                There are plenty of investment vehicles available to the super-wealthy, where you can earn a phenomenal return (10-15%). Taking the cash is the better option, but who's counting?






                I'm sure those are also kind of risky.

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                  Posted: February 19, 2005, 9:48 am - IP Logged

                  Annuities are not a sure thing either.

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                    Greenwich, CT
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                    Posted: February 19, 2005, 12:29 pm - IP Logged

                    JimmySand,

                    They're 'risky' only to a certain point.  Yeah, some years you might lose a bit, but in the long run you'll make a whole ton of money.  How do rich people stay rich?  Some may spend a lot, but they've got a lot of diversified investments working for them 24/7.


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                      Posted: March 9, 2005, 7:10 pm - IP Logged

                      Only the Mass Lottery is more corrupt than NY.

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                        Posted: March 9, 2005, 7:45 pm - IP Logged
                        Quote: Originally posted by CASH Only on March 9, 2005

                        Only the Mass Lottery is more corrupt than NY.




                        Even with Ca$h WinFall?

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                          United States
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                          Posted: March 9, 2005, 7:49 pm - IP Logged

                          Jimmy:

                          The difference between Mass and NY is that Mass has a computerized annuity-only Megabucks.                 NY Lotto is hardly worth playing either.

                            Maverick's avatar - yinyang
                            USA
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                            Posted: March 9, 2005, 11:03 pm - IP Logged
                            Quote: Originally posted by ineed9million on February 16, 2005


                            oh yeah, i almost forgot...i used to love playing "winner for life"  a PA instant game that costs $2 and its top prize is 1,000 a week for life.  I didnt figure it out exactly, but after taxes and inflation after twenty years of receiving checks your annual check will be worth around 20,000 dollars if not less.  This is compared to the 52,000 the people running the lottery want you think you are playing for. It's almost not worth it at that point.  Lots of people will dventually find out that you won a lottery.  Most people will think that you have alot more money than you do.  So in the end you'll find yourself with a little extra pocket change while everyone else thinks you're set for life. 


                              Justin's avatar - hatchap
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                              Posted: March 9, 2005, 11:09 pm - IP Logged

                              indiana is the worst. by far.

                              I believe life is about finding someone you cant live without

                              And showing them how much you care every day of every month of every year